Una banda cambiaria en el G–3 ¿Es lo mejor para los mercados emergentes?

Is a G-3 Target Zone on Target for Emerging Markets?

Carmen Reinhart and Vincent Reinhart

MPRA Paper from University Library of Munich, Germany

Abstract: With many emerging market currencies tied to the U.S. dollar either implicitly or explicitly, movements in the exchange values of the currencies of major countries–in particular the prolonged appreciation of the U.S. dollar vis-a-vis the yen and the deutsche mark in advance of Asia’s troubles–is argued to have worsened the competitive position of many emerging market economies. One solution to reducing destabilizing shocks emanating from abroad, the argument runs, would be to reduce the variability of the G-3 currencies by establishing target bands. This paper examines the argument for such a target zone from an emerging market perspective but will be silent on the costs and benefits for industrial countries.

Keywords: tasas; de; interes; volatilidad; banda; cambiaria (search for similar items in EconPapers)
JEL-codes: E42 E5 (search for similar items in EconPapers)
Date: 2002
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https://mpra.ub.uni-muenchen.de/13694/1/MPRA_paper_13694.pdf original version (application/pdf)

Related works:
Working Paper: Twin Fallacies About Exchange Rate Policy in Emerging Markets (2003)
Working Paper: Twin fallacies about exchange rate policy: A note (2003)
Working Paper: Twin fallacies about exchange rate policy in emerging markets (2003)
Chapter: What Hurts Emerging Markets Most? G3 Exchange Rate or Interest Rate Volatility? (2002)
Working Paper: Is a G-3 Target Zone on Target for Emerging Markets? (2002)
Working Paper: What Hurts Most? G-3 Exchange Rate or Interest Rate Volatility (2001)
Working Paper: What hurts most?: G-3 exchange rate or interest rate volatility (2001)
Working Paper: What does a G-3 target zone mean for emerging-market economies? (2000)
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